The latest data from the Xeneta Shipping Index (XSI®) reveals long-term contracted rates fell by 1.1% in September. This is the first drop since January and one of only three declines in the past 21 months. However, analysts at Oslo-based Xeneta, which aggregates data from leading global shippers and freight forwarders, expect “it won’t be the last”, with market fundamentals suggesting the “halcyon days” of ever-increasing rates for carriers may be drawing to a close.
“It had to happen sooner or...